Presentation

Pandion Energy is a pure NCS oil and gas company founded in November 2016 after a management buyout of Tullow Oil Norway. The company is backed by Kerogen Capital which has committed USD 190m of equity. Pandion originally had two core assets, a 10% working interest in the producing Valhall/Hod fields (operated by Aker BP) and a 20% interest in the Duva discovery. However, in November 2019, the company sold its 20% interest in the Duva field for USD ~110m.

Net production in Q4'20 was 5,900 boepd and production is expected to grow in the coming years driven by further developments at Valhall and the redevelopment of the Hod field. The company is primarily funded by USD 109m of invested equity, a USD 150m RBL facility and a NOK 400m bond.

Over the last year, the company has made several discoveries, including the Slagugle discovery in late 2020 and a discovery close to the Balder field in March 2020. In addition, some smaller exploration/discovery acquisitions have been completed and the company was awarded five licences in the 2020 APA license round.